“He should resign immediately and let markets set interest rates and get back to capitalism and free-market capitalism. We don't want a central politburo interest rate setting commie at the Bank of England, you want free markets you want real markets.”
Never one to pull his punches, this was Max Keiser's response when asked what would be the one piece of advice he would give incoming Governor of the Bank of England Mark Carney. A refreshing change from listening to George Osborne make out as if he's just signed the banking equivalent of Lionel Messi (he is:“the outstanding central banker of his generation”) whilst he and the other Conservative MPs try to convince the rest of us that they really do know something about economics. I took a course in economics recently, I still don't know much about it, but the greatest joy I get from having done so is that now I can spot when somebody else is pretending to. And it's everybody in the media and every politician at all times. In the land of the blind the one eyed man is king.
I actually thought I was going to have to write this post by saying that during the coverage of Mr. Carney's appointment, no one in the UK media has questioned the necessity of a central bank and whether we would all be better off without one. Thankfully Max Keiser has saved me from having to make this claim. So there you are, one person questioned it! Very interesting also how he points out that this whole horse meat scandal is actually an inflation issue, not many people will have thought of that!
For more information on what's wrong with central banks see the post:
I'll also post some more stuff on them soon.